Blackstone has recently announced the sale of its self-storage business to Public Storage for $2.2 billion. The portfolio comprises 127 wholly-owned properties and nine million net rentable square feet, located across 18 states in fast-growing markets. During Blackstone’s ownership period, investments were made into the platform that ultimately significantly increased its NOI.
Joe Russell, CEO of Public Storage commented on the acquisition saying “This acquisition reflects the continued execution of our multi-factor external growth platform which includes acquisitions, development, redevelopment expansion and third party management” Nadeem Meghji head of Blackstone Real Estate Americas added “This sale is a terrific outcome for stockholders and enables us to further concentrate BREIT’s portfolio in its highest growth sectors.” This marks Blackstones second real estate portfolio sale within a month following their $3.1 billion industrial real estate transaction with Prologis announced earlier this June
